Relating To Rent Control.
Through the amendments to Hawaii Revised Statutes Chapter 521, HB1484 establishes that landlords cannot increase rental rates by more than five percent plus the annual cost of living change, limited to one increase per twelve-month period. This regulation not only aims to protect tenants from abrupt rent spikes but also mandates landlords to provide significant advance notice—sixty days before a rent increase and ninety days prior to lease termination for month-to-month tenancies. The bill is set to take effect on July 1, 2023, establishing a structure that offers greater security for tenants in a volatile housing market.
House Bill 1484 is an initiative aimed at addressing the critical shortage of affordable rental units in Hawaii. The bill's findings highlight how the lack of rental supply leads to escalating rents, which disproportionately impacts low-income households. As such, this legislation seeks to implement proactive measures to stabilize rent prices and mitigate the effects of housing displacement, particularly in a market characterized by limited availability and high demand. Key proposals of the bill include setting restrictions on rent increases and mandating advance notice for tenants regarding rent hikes and lease terminations.
While the bill aims to provide tenants with necessary protections, it does have exclusions for certain types of housing, such as those restricted by deed or designated for affordable housing under government agreements. Additionally, it does not expand county authority to regulate rents beyond what is established in state law. Opponents of the bill may argue that such regulations could deter new rental investments or lead to unintended consequences in the housing market, while supporters maintain that these measures are essential for tenant stability and quality of life.